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MXN Posts Biggest Weekly Gain In Over A Year

MEXICO
  • Comments late Friday from Banxico's Deputy Governor Gerardo Esquivel indicating the latest rate hike not necessarily the start of tightening cycle.
  • Speaking in an interview he added:
    • Market may be overreacting to Mexico hike
    • Mexico could avoid more hikes if CPI follows forecast
    • More Mexico hikes risk harming economic recovery (All BBG)
  • The Mexican Peso weakened marginally on the remarks, however, the local currency still posted it's best week in over a year, after benefitting from a full FOMC reversal and the subsequent action from Banxico. Little movement to start the week, which could be the case heading into option expiries with a notable size rolling off at today's NY cut:
    • USD/MXN: Mxn19.85($911mln)
  • 1200BST/0700ET - Mexico's trade surplus in May is seen having narrowed to $1.35b from $1.5b in April, according to a Bloomberg survey.
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